It’s been a remarkable few years for biotech, and not just because of the COVID vaccines. Venture capital funding for the life sciences hit record highs in the USA, reaching more than $30 billion for the fiscal year 2020-2021. In the Seattle region alone, companies raised $898 million, compared to $328 million the previous fiscal year.
Five Washington state biotech companies also entered the public markets last year, including: Sana Biotechnology, which raised $587 million in its IPO; Absci, which raised $200 million, and proteomics company Nautilus Biotechnology, which raised $345 million in a SPAC merger. Meanwhile, the U.S. Food and Drug Administration approved more than 50 new drugs in 2021.
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